Independence Realty Trust (NYSE:IRT) Posts Earnings Results, Beats Expectations By $0.24 EPS

Independence Realty Trust (NYSE:IRT) issued its earnings results on Wednesday. The real estate investment trust reported $0.32 EPS for the quarter, topping the consensus estimate of $0.08 by $0.24, Zacks reports. Independence Realty Trust had a negative net margin of 0.03% and a negative return on equity of 0.01%.

Independence Realty Trust Stock Performance

Shares of Independence Realty Trust stock traded down $0.08 during trading on Wednesday, hitting $20.09. The company’s stock had a trading volume of 2,242,181 shares, compared to its average volume of 1,535,919. Independence Realty Trust has a 52 week low of $14.07 and a 52 week high of $22.26. The company has a market capitalization of $4.52 billion, a PE ratio of 17.43, a P/E/G ratio of 2.77 and a beta of 1.21. The company has a fifty day simple moving average of $19.80 and a two-hundred day simple moving average of $20.06.

Independence Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date was Tuesday, December 31st.

Wall Street Analysts Forecast Growth

IRT has been the topic of a number of analyst reports. JMP Securities restated a “market outperform” rating and issued a $22.00 price objective on shares of Independence Realty Trust in a research report on Tuesday. Barclays cut their price objective on Independence Realty Trust from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Finally, BMO Capital Markets upgraded Independence Realty Trust from an “underperform” rating to a “market perform” rating and upped their target price for the company from $19.00 to $21.00 in a report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $20.86.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.